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Monumentation Bond: Monumentation bond guarantees the successful completion of implementing the street signs associated with that development.
When requesting a DRE bond on an account that has already been previously submitted to the surety, among the most important information that needs to be provided to the surety are the following information:
- The Bond Request form – this will provide the surety with a basic overview of the current bond being requested.
- A copy of the document as given by the department of real estate listing the name of the obligee (homeowner's association) and the penal sum of the bond.
- A copy of the complete subdivision agreement. The subdivision agreement will verify among other things: that a bond is required; the penal sum of the monumentation bond.
- The public entity will usually have their own monumentation bond form, provide the surety with a copy of the form so surety can verify language is acceptable.
- If another surety company provided the initial underlying subdivision performance and labor and materials payment bond, provide the current surety with an explanation as to why the prior surety that provided the initial bonds are now not issuing the smaller monumentation bond.
If the monumentation bondis the first bond being requested on behalf of a new developer and/or the size of the size of the monumentation bond is consider "high", the following information might be requested by the surety.
- Developer's Questionnaire.
- Business financial statements (balance sheet, income statement, statement of cash flows and aging schedule for accounts receivable and accounts payable) for the company's last 3 fiscal year end.
- Interim Business Financial Statements.
- Personal Financial Statement for all owners of the company
- Articles of incorporation (if corporation), LLC agreement (if business is a LLC) or partnership agreement (if business is a partnership).
- Bank reference letter and last 3 months most recent business and personal bank statements.
- Copy of the trust if any of the owners of the business have their assets held in that trust.